Small Business Administration Paycheck Protection Program

As business owners continue to feel the impact of these unprecedented times and work to figure out their next steps, Wells Fargo is committed to helping our customers navigate these challenges.

Important Paycheck Protection Program (PPP) Updates

On October 8, 2020, the U.S. Treasury and the U.S. Small Business Administration (SBA) have announced a simpler Paycheck Protection Program (PPP) forgiveness process for loans of $50,000 or less. We are currently reviewing the updated guidance so we can implement new procedures for qualifying loans.

If you received a PPP loan through Wells Fargo, please do not attempt to submit a PPP loan forgiveness application, including the new 3508S form, downloaded from the SBA site. We are currently developing our online PPP loan forgiveness application, and once it is available, you will be able to apply online for forgiveness through Wells Fargo. Once available, the new 3508S form will be for borrowers applying for PPP loan forgiveness with a total loan amount of $50,000 or less, except for those borrowers that together with their affiliates received loans totaling $2 million or greater. For more information, visit the U.S. Small Business Administration website.

To help business owners prepare for the next step of the Paycheck Protection Program, the Wells Fargo PPP Loan Forgiveness Center includes step-by-step instructions and answers to Frequently Asked Questions on PPP loan forgiveness. This online resource center will soon be updated with the latest guidance from the U.S. Small Business Administration (SBA) on the new streamlined application. Customers will also receive an email when the Wells Fargo PPP loan forgiveness applications are available online. There will be ample time for business owners to prepare and complete their online application for loan forgiveness, so they can focus on documenting how they used their PPP funds to pay for eligible expenses during their covered period.

The information contained on this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business Administration (SBA). We will periodically update this information, so please check back often. Bookmark this page for easy reference in the future.

In the event of any discrepancies between the information on this site and the SBA’s site, please follow the official SBA guidance.

This program gives small businesses access to short-term cash flow assistance to help cover operating expenses and keep employees. These loans will come directly from Wells Fargo and be guaranteed by the U.S. Small Business Administration (SBA), so you’ll still be working with the bank you know and trust.

No, Wells Fargo is no longer accepting new applications for the Paycheck Protection Program.

Loan proceeds must be used for eligible payroll and nonpayroll expenses as listed on the Wells Fargo PPP Loan Forgiveness Center.

You must apply for PPP loan forgiveness through your PPP lender. If you received a PPP loan through Wells Fargo, please do not attempt to submit a PPP loan forgiveness application including the 3508S form for loans of $50,000 or less, downloaded from the SBA site. We are currently developing our online PPP loan forgiveness application, and once it is available, we will let you know when you are able to apply for forgiveness through Wells Fargo.

All forgiveness applications for Wells Fargo PPP loans must be submitted online using the Wells Fargo PPP loan forgiveness application accessible through Wells Fargo Business Online® or Commercial Electronic Office®. We will notify you once the Wells Fargo PPP loan forgiveness applications become available.

If you received a PPP loan through Wells Fargo, your loan numbers will be automatically pre-filled for you within the application. You will not need to have it ahead of time to be able to apply for forgiveness.

To help you prepare for the PPP loan forgiveness application, please review the recommended supporting documents on the Wells Fargo PPP Loan Forgiveness Center.

If you’d like to make a complete payoff of your PPP loan and are using Wells Fargo Business Online® or you are a Wealth & Investment Management customer, please call 1-800-225-5935. If you are a Commercial Banking customer, please contact your relationship team or call 1-800-AT-WELLS (1-800-289-3557) option 1, and then follow the prompts for loans. If you would like a letter confirming the payoff of your loan, you may request one at the time of payment or afterwards using the same contact numbers provided. Customers requesting a complete payoff of their PPP loan may be responsible for paying all outstanding principal as well as any accrued interest.

According to guidance from the Small Business Administration (SBA), repayment of your PPP loan in full before you apply for loan forgiveness will make your loan ineligible for forgiveness. Partial repayment may also affect forgiveness.

Please refer to the SBA website for additional guidance on paying off your PPP loan.

According to guidance from the Small Business Administration (SBA), repayment of your PPP loan in full before you apply for loan forgiveness will make your loan ineligible for forgiveness. Partial repayment may also affect forgiveness.

Please refer to the SBA website for additional guidance on PPP loan forgiveness.

Please visit the Wells Fargo PPP Loan Forgiveness Center for additional guidance or resources regarding eligibility, use of proceeds, application procedures and documentation required to participate. You may also visit the SBA website for additional information.

Yes, eligible business owners may also apply to the Main Street Lending Program. The Federal Reserve Board designed the Main Street Lending Program to support small and midsize businesses that require additional financial support after receiving a PPP loan or for eligible business owners who were unable to access funds through the PPP.

The Main Street Lending Program and Paycheck Protection Program are two distinct programs offered through the Coronavirus Aid, Relief, and Economic Security (CARES) Act to address the economic fallout of the COVID-19 pandemic in the United States. Learn more about the Main Street loan sizes, terms, and eligibility requirements based on the latest information from our Main Street Lending Program overview for Frequently Asked Questions.

Wells Fargo is accepting applications for our BusinessLine® line of credit and Wells Fargo Small Business Advantage® line of credit products. You may also be eligible for accommodations such as fee waivers, increases to lines of credit, and suspended negative credit reporting. Be sure to speak with your banker to explore these options or others that may be available for you and your small business.

In addition, here are some additional resources for small businesses to explore:

  1. The U.S. Small Business Administration offers additional options for temporary COVID-19 relief funding
  2. Consider alternative funding sources, such as the Opportunity Finance Network or grants from large corporations aimed at boosting small business. Some city and state governments have created local financing programs.
  3. Wells Fargo’s Open for Business Fund provides grants to nonprofits in order to help small businesses recover and rebuild. The fund is a major small business recovery effort offering for capital, training, and long-term recovery support. As the program announces grantees, more information will be available on our community giving website.
  4. The Wells Fargo Small Business Resource Center has other tips, tools and guidance for adapting your business during COVID-19.
  5. The Main Street Lending Program, announced by the Federal Reserve, is intended to support eligible U.S. companies with up to 15,000 employees or up to $5 billion in 2019 annual revenue that were established and in sound financial condition before the COVID-19 crisis (March 13, 2020) and require financing due to unprecedented circumstances brought about by the crisis. Learn more on the Main Street Lending Program and Federal Reserve Bank of Boston's websites.

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